Commerce adviser seeks liberal trade policies to balance supply & demand

FE Team | Published: November 20, 2024 22:44:19

FE REPORT
Commerce Adviser Sk Bashir Uddin is in favour of liberal trade policies aimed at maintaining a balance between the country's supply and demand.
"We want to build trade ties with all. Whether it is India or China or Pakistan, that should not be an issue for Bangladesh," he said while inaugurating a programme of the state-run Trading Corporation of Bangladesh (TCB) to sell key essentials, including potato, at Karwan Bazar in the capital on Wednesday.
The adviser said, "The influence of local syndicates is generally mentioned when it comes to essential items. Now it is a problem if there is a syndicate that operates as a country. The relation with other countries is trade-related, not a political one."
Replying to a question, he said, "Doing business with neighbouring India is not a problem. Traders are importing various products, including rice, potatoes, and eggs, from India."
He believes the problem of inflation affecting essential items can be solved by improving the supply chain, adding the government is working day and night to improve the system.
Bashir mentioned that meetings with traders had been held to discuss production, import, and stock of key items. He said the government was working to ensure an adequate stock of products, especially in view of the upcoming fasting month of Ramadan.
He also said the government had taken various long- and short-term steps to tame the existing inflation.
"After the price hike, we started selling potatoes at affordable prices through the TCB. The import of potatoes has also been approved. These are immediate steps.
"On the other hand, with the help of the National Board of Revenue (NBR), import duties on some products, including date, sugar, soybean oil, and egg, have been reduced significantly," Bashir noted.
He said the government was aware of the suffering of common people caused by the high prices of goods, but was fully committed to reducing prices. "Steps taken so far regarding some products have already brought relief for consumers."
The adviser hopes essentials' prices will come down to affordable levels once supply increases in the market. He called on the business community to get involved with the trade of essential items to create a competitive market.
On Wednesday, the TCB started the sales programme to serve 10 million low-income families. It sold edible oil, lentil, rice, and potato at Tk 100 per litre, Tk 60 per kg, Tk 30 per kg, and Tk 40 per kg, respectively.
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